Limitation on rentals or payments; factors to be considered

1. Law
2. US Virgin Islands Code
3. Public Planning and Development
4. Community Development and Renewal; Slum Clearance and Housing
5. Rentals and Tenant Selection; Low-Rent Housing
6. Limitation on rentals or payments; factors to be considered

• It is declared to be the policy of the Virgin Islands that the Authority shall manage and operate housing projects established for low-income families in the most economical and efficient manner consistent with applicable requirements, so as to enable it to fix rentals or charges for dwelling accommodations at low rents, in consonance with the purpose of providing safe, decent, and sanitary housing for families of low income, and shall not operate such housing for profit or as a source of revenue to the Government of the United States Virgin Islands or any division or subdivision thereof. To this end, the Authority shall fix the rentals or charges for dwellings in such housing projects at rates no higher than those it shall determine to be necessary to produce revenues which, together with all other available moneys, revenues, incomes, and receipts of the Authority, from all sources, including Federal financial assistance provided to maintain the low-rent character of the housing projects, will be sufficient to:

  • (1) pay, as they become due, the principal and interest on bonds and obligations of the Authority;

  • (2) establish and maintain such reserves as may be required to assure the payment of such principal and interest, as they become due;

  • (3) meet the cost of, and to provide for, the maintenance and operation of the housing projects, including necessary reserves therefor, and for costs of insurance protection, as well as the administrative expenses for the Authority; and

  • (4) make payments in lieu of taxes as provided for in this chapter.

• Rentals and charges for dwellings shall be established, and the housing projects shall be administered, to the greatest degree possible, so as to assure that any Federal financial assistance required shall be in the minimum amounts and periods necessary to maintain the low-rent character of the projects.

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